Oil hovers near $95 a barrel as global crude surges to its highest level in 10 months

• Oil prices climbed and were hovering near $95 a barrel on Monday.
• Brent crude, the international benchmark, climbed 0.54% to $94.43. US oil prices also rose. 
• Saudi Arabia and Russia recently extended their supply cuts, while global demand remains robust.

Tighter supply and continuous strong demand have pushed oil prices to their highest point since November.

Brent crude, the international benchmark, climbed about 0.54% on Monday to hit $94.43, while West Texas Intermediate moved 0.86% higher to $91.55.